Albemarle expects 2020 profit drop as lithium prices sag
FILE PHOTO: A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder
- Albemarle Corp, the world’s largest lithium producer, said on Wednesday its quarterly profit fell and the company forecast a drop in 2020 sales and earnings. The company posted fourth-quarter net income of $90.4 million, or 85 cents per share, compared to $129.6 million, or $1.21 per share, in the year-ago period. Sales of lithium producers rose 20 percent to $411.1 million, though sales of catalysts for refineries dropped.
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